ZIMRA Exceeds 2018 H1 Target

The Zimbabwe Revenue Authority (ZIMRA) Gross collections for the second quarter of 2018 increased by 21 percent from US$ 1.065 Billion recorded in the same period last year to US$1.298 billion on the back of increased use of automation and the authority’s resolute stance against corruption.

According to the group Chairperson Willia Bonyongwe, the positive revenue performance is attributed to the Authority’s various revenue enhancement projects, increased use of automation and a resolute stance against corruption.

Net collections also surpassed the target by 17.74% their second quarter revenue performance was 43.47% above the US$874.96 million that was collected during the same period last year.

“Highest contributors to total net revenue during the current quarter were Company Tax (18.04%), Individuals (17.61%) and net VAT on Local Sales (17.56%).

“Despite the economic hardships that the country experienced, the Zimbabwe Revenue Authority performed above expectations in the first half of 2018 (H1, 2018),” she said.

According to Bonyongwe, Net revenue collections also  improved by 35.94% due to  Excise Duty (19%), Net VAT on Local Sales (18%) and Individuals (18%).

“Gross collections were US$2.41 billion against the targeted US$2.10 billion, thereby surpassing the set target by 15.09%. After deducting refunds of US$98.88 million for the first half, net collections stood at US$2.31 billion, which translates to 10.37% above the expected US$2.10 billion.

“Net revenue collections improved by 35.94% from the US$1.70 billion that was realized during the first half of 2017 (H1, 2017). Major contributors to revenue were Excise Duty (19%), Net VAT on Local Sales (18%) and Individuals (18%),” she said.

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